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ZAR Weakness Accelerates, USD/ZAR at Best Since 2020

SOUTH AFRICA
  • USD/ZAR accelerates through key resistance at 16.3668 - as weakness stemming from Eskom's extended stage 6 loadshedding continues to reverberate across markets. The break of this hurdle confirms a resumption of the bull cycle and puts prices at the best level since November 2020.
  • Recall earlier in the week a number of institutions flagged the risks of extended powercuts, with News24 publishing an Old Mutual Wealth Investment note as saying the severity of stage 6 load shedding could mean a credit ratings downgrade is more likely.
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  • USD/ZAR accelerates through key resistance at 16.3668 - as weakness stemming from Eskom's extended stage 6 loadshedding continues to reverberate across markets. The break of this hurdle confirms a resumption of the bull cycle and puts prices at the best level since November 2020.
  • Recall earlier in the week a number of institutions flagged the risks of extended powercuts, with News24 publishing an Old Mutual Wealth Investment note as saying the severity of stage 6 load shedding could mean a credit ratings downgrade is more likely.